Biecco Lawrie Limited to be shut down

Ministry of petroleum and natural gas has taken many measures for revival of the PSU for a long time but it could not succeeded

GN Bureau | October 15, 2018


#Biecco Lawrie   #petrol   #natural gas  

The government has agreed to shut down the Biecco Lawrie Limited (BLL), a central public sector enterprise with 67.33 per cent and 32.33 per cent equity share held by Oil Industry Development Board (OIDB) and the centre respectively.

 
As per the norms, voluntary retirement scheme/voluntary separation scheme will be given to the employees of the PSU.
 
The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the centre’s guidelines.
 
Ministry of petroleum and natural gas has taken various steps for revival of the PSU for a long time but it could not succeeded in giving a new lease of life to it. The government says there was no possibility of revival of the company considering the competitive business environment as well as huge capital requirement. Continued loss has made further operations of the PSU not only unviable but also resulted in substantial distress to officials and staff due to uncertain future.
 

Comments

 

Other News

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc

V. M. Tarkunde: A legal luminary par excellence

14 Lawyers: Portraits from The Bar By Raju Ramachandran  Juggernaut, 248 pages, Rs. 799  

The Cost of Obesity

The latest episode of Checks and Balances focuses on the ticking time bomb of obesity in India, and Geetanjali Minhas of Governance Now spoke with a panel of experts. You can watch the episode here: https://youtu.be/mH

US-Iran deal: Path to peace or prelude to deeper regional quagmire?

In the midst of deep mistrust, the US and Iran are reported to have reached a framework deal for ending the West Asian conflict. But whether it will result in any meaningful breakthrough or pave the way for any lasting peace in the region, is in the realm of speculation.   During





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter